Indian steel companies are said to be preferring to import cheap steel scrap from African and West Asian countries, whose prices are falling, instead of buying domestic sponge iron. In 2012-13, the country's import of steel scrap is estimated to have risen 25 per cent to 7.5 million tonne from the previous year, Metal Recycling Association of India said. Scrap prices declined 8 per cent to $390 a tonn
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